Anscor acquires stake in culinary, hospitality mgm't school for $6M

A Soriano Corp. (Anscor), the investment holding firm of the Soriano family, is acquiring a 20-percent stake in a culinary and hospitality management school for $6 million.

In a disclosure to the Philippine Stock Exchange, Anscor said it has entered into a subscription agreement for the acquisition of 16.22 million new shares of Enderun Colleges Inc., a three-year-old institution that offers a full range of bachelor’s degree and non-degree courses in the fields of hospitality management, culinary arts and business administration.

Anscor said the acquisition would be funded by internally-generated cash.

Andres Soriano III, chairman of Anscor, said the purchase is in line with the company’s goal of strengthening its foothold in the growing services sector.

“We are excited about the prospect of re-establishing the Philippines as a center for educational excellence in the world, and proud that Enderun competes so favorably with the finest hospitality management schools in the US and Europe,” he said.

Enderun president Javier Infante, for his part, said the capital infusion from Anscor will allow the McKinley Hills-based school to provide students a higher quality of educational experience.

“This new funding, and the strategic relationship with Anscor, which boasts a broad array of synergistic commercial interests worldwide, further bolster (our) mission by supporting new investments in facilities, academic research, and student services,” Infante said.

Enderun was founded in 2005 by a diverse group of local and international business leaders, including senior executives from Hyatt Corp. in the US. Its degree programs integrate high-level classroom instruction with two-real world internships and offer students the opportunity to acquire additional international credentials, including certificates from Switzerland’s prestigious Les Roches Hotel School and from France’s Alain Ducasse Formation, en route to their bachelor’s degrees.

The school currently has 460 full-time undergraduates and expects to increase its enrollment to 2,000 students by 2011.

In July, Anscor sold an 18.34-percent stake in Phelps Dodge Philippines Inc. (PDPI), the country’s largest wire and cable manufacturer, to Canada-based General Cable Corp. for P641.49 million.

Last year, Anscor invested $20 million in healthcare, nursing education, and a new system for hotel reservations, using proceeds from the sale of its stake in port operator International Container Terminal Services Inc. and SPI Technologies Inc.

Anscor also has interests in contact center operator eTelecare Global Solutions Inc. and Seven Seas Resort, which operates the exclusive Amanpulo Resort in Palawan.

Anscor is planning to continue to focus on the services, tourism and business knowledge process outsourcing sectors to ensure long-term growth.